Shaking up
markets
David Miller, head of EMEA
trading at Invesco UK
The proposed rules would also require
the use of self-trade prevention tools
by market participants on DCMs, while
permitting trades originating from
accounts with independent decision
makers. In addition, the proposed rules
are designed to increase transparency
around DCM electronic trade matching
platforms, by requiring DCMs to publish
a description of rules or known attributes
of the trade matching platform that
materially affect factors such as the time,
price or quantity of execution of market
participant orders, the ability to cancel
or modify orders, and the transmission
of market data and order or trade
confirmations to market participants.
Furthermore, the proposed rules are
intended to foster transparency with
respect to DCM programs and activities,
including market maker and trading
incentive programs.
To help ensure that Regulation AT
remains current as markets and trading
technologies evolve, the Commission is
proposing to require that all AT Persons
become members of a registered
futures association (RFA), and further
require RFAs to consider membership
rules addressing algorithmic trading for
each category of member in the RFA.
Taken together, these provisions would
allow RFAs to supplement elements
of Regulation AT in response to future
industry developments.
22
The Buy-side Perspectives | Issue 3 | April 2016
Earlier this month, the
European Commission
published its delegated acts
on MiFID II. The Buy-side
Perspectives caught up with
David Miller, head of EMEA
trading at Invesco UK, to
share some thoughts around
regulation, trading venues,
broker relationships and
how electronic trading is
changing.